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person (whether a natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million;

governmental entity or subdivision thereof;

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Victory RS Mid Cap Growth Fund

The RS Growth Team seeks to deliver long-term capital growth through a disciplined, research-intensive approach that discovers and invests in dynamic, mid-cap companies exhibiting sustainable earnings growth potential that can grow to large-cap companies.

Philosophy and Process

• Emphasize innovation – Search for pioneering, disruptive businesses that we believe can change an industry to drive sustainable earnings growth over time.
• Focus on the long term– Highlight companies that are aligned with the team’s fundamental beliefs and that rank highly on key quantitative metrics.
• Manage risk– Seek an attractive risk/reward profile at the time of purchase and deploy a three-stage risk management screen on all holdings to help mitigate the negative impact of any single position.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than that cited.

Class A performance quoted "with maximum sales load" reflects the current maximum sales charge of 5.75%. The sales load on Class C shares is deferred and will be charged if you redeem shares within one year of purchase. The contingent deferred sales load is 1.00% of the purchase or sale price of the shares, whichever is less. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated above would be lower.

Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least April 30, 2019. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

Class R and Y shares of the Fund are only available to investors that meet certain eligibility requirements.

Returns are average annual total returns, except those for periods of less than one year, which are cumulative.

The Russell Midcap® Growth Index is an unmanaged market capitalization-weighted index that measures the performance of those companies in the Russell Midcap® Index with higher price-to-book ratios and higher forecasted growth values. (The Russell Midcap Index is an unmanaged market capitalization-weighted index that measures the performance of the 800 smallest companies in the Russell 1000®Index, which consists of the 1,000 largest U.S. companies based on total market capitalization.) Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index, and, unlike the Fund, the index does not incur fees or expenses.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Investing in mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

CharacteristicsWeighted harmonic average is the average market capitalization of all companies in a portfolio with each company weighted according to its percent of the portfolio. Market capitalization is the total dollar value of all outstanding shares computed as number of shares times current market price. Avg Price/Earnings Ratio (Last 12 Months & Next 12 Months) Shows the multiple of earnings at which a stock sells. Determined by dividing current stock price by earnings per share for the relevant 12 month period. Earnings per share for the P/E ratio are determined by dividing earnings for the relevant 12 month period by the number of common shares outstanding. Average Price/Book Ratio: Compares a stock’s market value to the value of total assets less total liabilities (book value). Dividend yield is total cash dividends paid as a percent of market capitalization at the end of the period. The yield for the index is the total of all dividends paid over twelve months divided by the total market capitalization. Return on Equity is net income divided by common equity. A measure of how well a company used reinvested earnings to generate additional earnings. EPS is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Long-Term Debt/Capitalization is an indicator of financial leverage. Shows long-term debt as a proportion of the capital available. Determined by dividing long-term debt by the sum of long-term debt, preferred stock and common stockholder's equity. Source: FactSet Research Systems, Inc.

Target metrics reflect our stated goals and are not absolute limits as these are affected by various factors like market fluctuations.
Percentage allocations listed above may not sum to 100% due to rounding methodology.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Investing in mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

Scott Tracy is Chief Investment Officer of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Tracy began his investment career in 1997 and has been a member of the RS Growth team since 2001. He has served as co-portfolio manager for the Victory RS Small Cap Growth Fund and Victory RS Select Growth Fund since 2007 and subsequently assumed co-portfolio manager roles for several additional RS growth funds. Previously, he spent three years at Shoreline Investment Management, where his research focus included technology and industrial companies.

Mr. Tracy holds a B.A. in history from Trinity College and an MBA from the University of California, Berkeley. He is a CFA® charterholder.

Steve Bishop is a portfolio manager for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Bishop began his investment career in 1992 and joined the RS Growth team in 1996 as a research analyst primarily covering the Information Technology sector. He has been a co-portfolio manager of the Victory RS Science and Technology Fund since 2001 and subsequently assumed co-portfolio manager roles for several additional RS growth funds. Prior to joining RS Investments, he worked as an analyst in the corporate finance department of Dean Witter Reynolds Inc.

Mr. Bishop earned a B.A. from the University of Notre Dame and an MBA from Harvard Business School.

Lesley Bunim is an analyst for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Ms. Bunim began her investment career in 1999 and was a principal at the Whitney Green River Fund, where she focused on the consumer, retail, chemicals, and manufacturing industries, prior to joining RS Investments in 2010. Previously, she was an associate at Oaktree Capital Management.

Ms. Bunim holds a B.A. in economics and art history from Wellesley College and an MBA from the Stanford Graduate School of Business.

Melissa Chadwick-Dunn is a portfolio manager for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Ms. Chadwick-Dunn began her investment career in 1992 and joined the RS Growth team in 2001. She has been a co-portfolio manager and analyst for the Victory RS Small Cap Growth Fund and Victory RS Select Growth Fund since 2007 and subsequently assumed co-portfolio manager roles for several additional RS growth funds. Previously, she was an equity analyst at Putnam Investments covering international small-cap stocks.

Ms. Chadwick-Dunn holds a B.A. in economics and an M.A. in international relations from the University of Chicago and an MBA from the Wharton School of the University of Pennsylvania.

Christopher Clark is a portfolio manager on the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Chris Clark has been a member of RS Growth Team since joining the firm in May 2007. Chris has been lead portfolio manager of the RS Biotechnology strategy since 2017, the Victory RS Science and Technology Fund since 2016, and a co-portfolio manager of the Victory RS Small Cap Growth Fund, Victory RS Select Growth Fund, Victory RS Mid Cap Growth Fund, Victory RS Small Cap Equity Fund, and Victory RS Growth Fund since 2014 and an analyst since 2007.

Before joining the firm in 2007, he was a research associate at TIAA-CREF for three years, where he focused on global portfolio management and the health care sector. Prior to that he was a research assistant at Dresdner RCM Global Investors for three years. Chris holds a BA in economics from the University of Virginia. Chris is a CFA Charterholder.

Paul Leung is a portfolio manager for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Leung began his investment career in 1999 and joined the RS Growth team in 2012 as an analyst primarily covering the technology sector. He has been a portfolio manager of the RS Science and Technology Fund since 2016, and subsequently assumed co-portfolio manager roles for several additional RS growth funds. Before joining the firm in 2012, he was a senior investment analyst at Ashfield Capital Partners, where he focused on the technology sector. Previously, he was a sector manager and research analyst at Sterling Johnston Capital Management for the technology, media and telecom sectors.

Paul holds a BS in applied economics and business management from Cornell University. Paul is a CFA® charterholder.

Trevor Martin is an analyst for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Martin began his investment career in 2006 and was a research analyst at RBI Capital Management LLC, where he focused on the Consumer Discretionary, Materials, and Energy sectors prior to joining RS Investments in 2014. Previously, he was an operations associate at Standard Pacific Capital Management, LLC.

Mr. Martin holds a B.A. in international affairs and economics from the George Washington University and an MBA from the University of California, Berkeley. He is a CFA® charterholder.

John Tilney is an analyst for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Tilney began his investment career in 2002 and worked as an investment analyst and investment associate at Bodri Capital Management and Putnam Investments, respectively, before joining RS Investments in 2009.

Mr. Tilney holds a B.S. in economics from Tufts University and an MBA from the Stanford Graduate School of Business. He is a CFA® charterholder.

Fees & Expenses

Annual fund operating expenses are listed below. Victory Capital is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

Annual fund operating expenses of the Class A, C, R, R6, and Y shares of the Fund (as applicable) are listed below. (Use the button above to select the share class you wish to view.) The calculator is intended to help you assess the impact of the operating expenseson the Fund’s potential returns. The calculator allows you to assume that you have made a hypothetical investment of any amount in Class A, C, R, R6 or Y shares of the Fund (as applicable) for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s net operating expenses through Year 1 and 2 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Your actual costs may be higher or lower. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses.

Annual Fund Operating Expenses

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The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least April 30, 2019. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

At a Glance
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CUSIP:{{::product.cusip}}N/A

Total Fund AUM:
$377,942,612

Morningstar Ratings are based on risk-adjusted performance.

Fund Downloads

The RS Growth Team seeks to deliver long-term capital growth through a disciplined, research-intensive approach that discovers and invests in dynamic, mid-cap companies exhibiting sustainable earnings growth potential that can grow to large-cap companies.

Philosophy and Process

• Emphasize innovation – Search for pioneering, disruptive businesses that we believe can change an industry to drive sustainable earnings growth over time.
• Focus on the long term– Highlight companies that are aligned with the team’s fundamental beliefs and that rank highly on key quantitative metrics.
• Manage risk– Seek an attractive risk/reward profile at the time of purchase and deploy a three-stage risk management screen on all holdings to help mitigate the negative impact of any single position.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Investing in mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

Calendar Year Returns

Annual Expenses

(As of
05/01/2018)

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Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than that cited.

Class A performance quoted "with maximum sales load" reflects the current maximum sales charge of 5.75%. The sales load on Class C shares is deferred and will be charged if you redeem shares within one year of purchase. The contingent deferred sales load is 1.00% of the purchase or sale price of the shares, whichever is less. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated above would be lower.

Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least April 30, 2019. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

Class R and Y shares of the Fund are only available to investors that meet certain eligibility requirements.

Returns are average annual total returns, except those for periods of less than one year, which are cumulative.

The Russell Midcap® Growth Index is an unmanaged market capitalization-weighted index that measures the performance of those companies in the Russell Midcap® Index with higher price-to-book ratios and higher forecasted growth values. (The Russell Midcap Index is an unmanaged market capitalization-weighted index that measures the performance of the 800 smallest companies in the Russell 1000®Index, which consists of the 1,000 largest U.S. companies based on total market capitalization.) Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index, and, unlike the Fund, the index does not incur fees or expenses.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Investing in mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

Characteristics (As of {{::asOf | date:"MM/dd/yyyy"}})

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Characteristics (As of {{::asOf | date:"MM/dd/yyyy"}})

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Duration Schedule (%) (As of {{::asOf | date:"MM/dd/yyyy"}})

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GNMA securities are backed by the same full faith and credit guarantee offered by U.S. Treasury securities which is an unconditional commitment to pay interest and principal on debt. This guarantee applies only to the underlying securities in the Fund and not to the Victory Fund for Income.

100.00

Average Life Structure (%) (As of {{::asOf | date:"MM/dd/yyyy"}})

Holdings are subject to change.

CharacteristicsWeighted harmonic average is the average market capitalization of all companies in a portfolio with each company weighted according to its percent of the portfolio. Market capitalization is the total dollar value of all outstanding shares computed as number of shares times current market price. Avg Price/Earnings Ratio (Last 12 Months & Next 12 Months) Shows the multiple of earnings at which a stock sells. Determined by dividing current stock price by earnings per share for the relevant 12 month period. Earnings per share for the P/E ratio are determined by dividing earnings for the relevant 12 month period by the number of common shares outstanding. Average Price/Book Ratio: Compares a stock’s market value to the value of total assets less total liabilities (book value). Dividend yield is total cash dividends paid as a percent of market capitalization at the end of the period. The yield for the index is the total of all dividends paid over twelve months divided by the total market capitalization. Return on Equity is net income divided by common equity. A measure of how well a company used reinvested earnings to generate additional earnings. EPS is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Long-Term Debt/Capitalization is an indicator of financial leverage. Shows long-term debt as a proportion of the capital available. Determined by dividing long-term debt by the sum of long-term debt, preferred stock and common stockholder's equity. Source: FactSet Research Systems, Inc.

Target metrics reflect our stated goals and are not absolute limits as these are affected by various factors like market fluctuations.
Percentage allocations listed above may not sum to 100% due to rounding methodology.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Investing in mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

Our People

Chief Investment Officer

Scott Tracy is Chief Investment Officer of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Tracy began his investment career in 1997 and has been a member of the RS Growth team since 2001. He has served as co-portfolio manager for the Victory RS Small Cap Growth Fund and Victory RS Select Growth Fund since 2007 and subsequently assumed co-portfolio manager roles for several additional RS growth funds. Previously, he spent three years at Shoreline Investment Management, where his research focus included technology and industrial companies.

Mr. Tracy holds a B.A. in history from Trinity College and an MBA from the University of California, Berkeley. He is a CFA® charterholder.

Portfolio Manager, RS Growth

Steve Bishop is a portfolio manager for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Bishop began his investment career in 1992 and joined the RS Growth team in 1996 as a research analyst primarily covering the Information Technology sector. He has been a co-portfolio manager of the Victory RS Science and Technology Fund since 2001 and subsequently assumed co-portfolio manager roles for several additional RS growth funds. Prior to joining RS Investments, he worked as an analyst in the corporate finance department of Dean Witter Reynolds Inc.

Mr. Bishop earned a B.A. from the University of Notre Dame and an MBA from Harvard Business School.

Analyst, RS Growth

Lesley Bunim is an analyst for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Ms. Bunim began her investment career in 1999 and was a principal at the Whitney Green River Fund, where she focused on the consumer, retail, chemicals, and manufacturing industries, prior to joining RS Investments in 2010. Previously, she was an associate at Oaktree Capital Management.

Ms. Bunim holds a B.A. in economics and art history from Wellesley College and an MBA from the Stanford Graduate School of Business.

Portfolio Manager, RS Growth

Melissa Chadwick-Dunn is a portfolio manager for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Ms. Chadwick-Dunn began her investment career in 1992 and joined the RS Growth team in 2001. She has been a co-portfolio manager and analyst for the Victory RS Small Cap Growth Fund and Victory RS Select Growth Fund since 2007 and subsequently assumed co-portfolio manager roles for several additional RS growth funds. Previously, she was an equity analyst at Putnam Investments covering international small-cap stocks.

Ms. Chadwick-Dunn holds a B.A. in economics and an M.A. in international relations from the University of Chicago and an MBA from the Wharton School of the University of Pennsylvania.

Portfolio Manager, RS Growth

Christopher Clark is a portfolio manager on the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Chris Clark has been a member of RS Growth Team since joining the firm in May 2007. Chris has been lead portfolio manager of the RS Biotechnology strategy since 2017, the Victory RS Science and Technology Fund since 2016, and a co-portfolio manager of the Victory RS Small Cap Growth Fund, Victory RS Select Growth Fund, Victory RS Mid Cap Growth Fund, Victory RS Small Cap Equity Fund, and Victory RS Growth Fund since 2014 and an analyst since 2007.

Before joining the firm in 2007, he was a research associate at TIAA-CREF for three years, where he focused on global portfolio management and the health care sector. Prior to that he was a research assistant at Dresdner RCM Global Investors for three years. Chris holds a BA in economics from the University of Virginia. Chris is a CFA Charterholder.

Portfolio Manager, RS Growth

Paul Leung is a portfolio manager for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Leung began his investment career in 1999 and joined the RS Growth team in 2012 as an analyst primarily covering the technology sector. He has been a portfolio manager of the RS Science and Technology Fund since 2016, and subsequently assumed co-portfolio manager roles for several additional RS growth funds. Before joining the firm in 2012, he was a senior investment analyst at Ashfield Capital Partners, where he focused on the technology sector. Previously, he was a sector manager and research analyst at Sterling Johnston Capital Management for the technology, media and telecom sectors.

Paul holds a BS in applied economics and business management from Cornell University. Paul is a CFA® charterholder.

Analyst, RS Growth

Trevor Martin is an analyst for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Martin began his investment career in 2006 and was a research analyst at RBI Capital Management LLC, where he focused on the Consumer Discretionary, Materials, and Energy sectors prior to joining RS Investments in 2014. Previously, he was an operations associate at Standard Pacific Capital Management, LLC.

Mr. Martin holds a B.A. in international affairs and economics from the George Washington University and an MBA from the University of California, Berkeley. He is a CFA® charterholder.

Analyst, RS Growth

John Tilney is an analyst for RS Investments and member of the RS Growth team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Tilney began his investment career in 2002 and worked as an investment analyst and investment associate at Bodri Capital Management and Putnam Investments, respectively, before joining RS Investments in 2009.

Mr. Tilney holds a B.S. in economics from Tufts University and an MBA from the Stanford Graduate School of Business. He is a CFA® charterholder.

Fees & Expenses

Annual fund operating expenses are listed below. Victory Capital is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

Annual fund operating expenses of the Class A, C, R, R6, and Y shares of the Fund (as applicable) are listed below. (Use the button above to select the share class you wish to view.) The calculator is intended to help you assess the impact of the operating expenseson the Fund’s potential returns. The calculator allows you to assume that you have made a hypothetical investment of any amount in Class A, C, R, R6 or Y shares of the Fund (as applicable) for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s net operating expenses through Year 1 and 2 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Your actual costs may be higher or lower. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses.

Annual Fund Operating Expenses

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The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least April 30, 2019. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.